Greenlight Capital Re (NASDAQ:GLRE) Stock Price Passes Above 200-Day Moving Average – Here’s Why

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $15.96 and traded as high as $17.05. Greenlight Capital Re shares last traded at $16.99, with a volume of 134,892 shares traded.

Analyst Ratings Changes

GLRE has been the subject of a number of research reports. Wall Street Zen lowered Greenlight Capital Re from a “buy” rating to a “hold” rating in a research report on Sunday, June 7th. Zacks Research upgraded shares of Greenlight Capital Re to a “hold” rating in a report on Wednesday, May 27th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Greenlight Capital Re in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Greenlight Capital Re has an average rating of “Moderate Buy”.

Greenlight Capital Re Price Performance

The company has a market capitalization of $563.56 million, a P/E ratio of 7.17 and a beta of 0.32. The stock’s fifty day simple moving average is $16.36 and its 200-day simple moving average is $15.96. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.46 and a quick ratio of 2.46.

Greenlight Capital Re (NASDAQ:GLRE) last posted its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.20). The business had revenue of $189.66 million during the quarter, compared to the consensus estimate of $160.88 million. Greenlight Capital Re had a net margin of 11.47% and a return on equity of 11.69%. On average, equities analysts forecast that Greenlight Capital Re, Ltd. will post 1.8 earnings per share for the current fiscal year.

Insider Transactions at Greenlight Capital Re

In other Greenlight Capital Re news, Director Joseph P. Platt, Jr. sold 23,613 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $18.01, for a total value of $425,270.13. Following the completion of the transaction, the director owned 11,747 shares of the company’s stock, valued at $211,563.47. This represents a 66.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ian Isaacs sold 9,230 shares of the firm’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $16.33, for a total value of $150,725.90. Following the completion of the transaction, the director directly owned 60,191 shares of the company’s stock, valued at approximately $982,919.03. This trade represents a 13.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 85,472 shares of company stock valued at $1,472,107. 24.67% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Greenlight Capital Re

A number of institutional investors have recently added to or reduced their stakes in GLRE. Wedge Capital Management L L P NC lifted its holdings in shares of Greenlight Capital Re by 10.9% during the second quarter. Wedge Capital Management L L P NC now owns 62,951 shares of the financial services provider’s stock valued at $1,019,000 after acquiring an additional 6,178 shares during the period. Bank of America Corp DE lifted its holdings in Greenlight Capital Re by 14.9% during the 1st quarter. Bank of America Corp DE now owns 88,059 shares of the financial services provider’s stock valued at $1,523,000 after purchasing an additional 11,416 shares during the last quarter. Empowered Funds LLC boosted its position in Greenlight Capital Re by 9.8% in the first quarter. Empowered Funds LLC now owns 178,029 shares of the financial services provider’s stock valued at $3,078,000 after buying an additional 15,845 shares in the last quarter. Quantinno Capital Management LP increased its holdings in shares of Greenlight Capital Re by 65.9% during the first quarter. Quantinno Capital Management LP now owns 51,526 shares of the financial services provider’s stock worth $891,000 after buying an additional 20,459 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Greenlight Capital Re in the first quarter valued at approximately $1,343,000. 41.52% of the stock is owned by institutional investors and hedge funds.

Greenlight Capital Re Company Profile

Greenlight Capital Re Ltd. (NASDAQ: GLRE) is a Bermuda?incorporated reinsurer externally managed by Greenlight Capital Re Services Ltd., a subsidiary of Greenlight Capital, Inc Since its formation in 2016 and subsequent initial public offering in 2017, the company has focused on providing customized reinsurance solutions to insurers worldwide. Greenlight Capital Re operates as an independent, publicly traded entity, leveraging the investment expertise and underwriting rigor that underpin its parent’s investment platform.

The company’s core business activities encompass both treaty and facultative reinsurance across a broad spectrum of property and casualty lines.